2020: A great time to buy your first home

New Government initiative

If you’re dreaming of building your first home this year but find it challenging to save enough money for a deposit, you might be in luck!

From 1 January this year, the Australian Government introduced the First Home Loan Deposit Scheme (FHLDS) which is an initiative to help support eligible first home buyers purchase their first home sooner.

Essentially, the government acts as a guarantor on the loan so that even if you don’t have a 20% deposit saved up, you won’t have to pay lenders mortgage insurance (LMI).

We speak to Stroud Homes Brisbane West about the new scheme and how Stroud Homes is further helping first home buyers get into their dream homes.

Eligibility

To be eligible for the new Government grant you have to have at least 5% of the purchase price saved up in genuine savings (it can’t be from a gift or another grant).

You have to earn less than $125,000 as a single or $200,000 as a couple to be eligible.

You are ineligible for the scheme if you or your partner has owned property in Australia previously.

There are other criteria for your personal circumstances, such as a minimum age test and an owner-occupier requirement.

The conditions also includes some property prices. If you’re unsure whether or not you’re eligible, you can check your potential eligibility on the NHFIC website.

Build your first home with Stroud Homes

Stroud Homes Brisbane West has developed a range of Super 6 homes that are custom designed to fit into a lower budget, and are perfect for the first home buyers segment.

“People are looking for the package to be all inclusive and ready to move in come handover day,” explains Sales Consultant Joshua Moore.

“Banks and lending institutions also look at this in the loan process as they want to make sure that the home is going to be completely finished to approve the loan.”

When opting for a house and land package with Stroud Homes, there are also the additional ‘nice to haves’ that are always wanted, such as air conditioning or a pool if they can fit into the budget. Everything can all be cutomised to your very needs.

Before you buy

Buying your first home is one of the biggest financial decisions of your life, if not the biggest. So it’s important to take all things into consideration before signing under the dotted line.

You should always make sure that it is the right financial choice for you, and make sure that you are going to be able to service the loan for it’s entire lifetime.

It’s a big commitment so you need to make sure that you are making the right decision for you and your family, not only in the short term but also the long term.

When building with Stroud Homes in Brisbane’s West, the experienced team is there to help you every step of the way.

“Our quotes are black and white when it comes to our pricing, so you know exactly what the project is going to cost,” says Joshua.

“As first home buyers often have a strict budget they need to stick to, we don’t want to pass on any hidden costs halfway through the build.”

Our Super Six Designs:

Take a look at these great 3 or 4 bedroom home designs in our super six range.

The super six range features the ever popular classic façades. Talk to us about quotes for our other façades.